iPod sales drive Apple’s billion dollar profit

Apple today announced financial results for its fiscal 2007 first quarter, ended December 30, 2006. The Company posted record revenue of $7.1 billion and record net quarterly profit of $1.0 billion, nearly double last year’s profit. These results compare to revenue of $5.7 billion and net quarterly profit of $565 million, or $.65 per diluted share, in the year-ago quarter.

Apple shipped 1,606,000 Macintosh computers and 21,066,000 iPods during the quarter, representing 28 percent growth in Macs and 50 percent growth in iPods over the year-ago quarter. [Podcasting News]

“It’s just a fad. I can go down to Target and get a perfectly good MP3 player that will do everything an iPod will do and only pay $30. And why do a need an MP3 player when I can listen to music for free on the radio?”

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